S&P 500 Faces Rejection at Key Resistance?
📉 False Breakout or Consolidation?
S&P 500 hit 6,129 but failed to hold above it, retreating to 6,090 (-0.75%).
This level marks a key resistance zone, with sellers stepping in to cap gains.
🔍 Key Technical Levels:
Resistance:
6,129 → Previous high, acting as a short-term ceiling.
Support:
6,018 (50-day EMA) → First area bulls want to defend.
5,900 → Stronger structural support if momentum weakens.
📊 Momentum Check:
RSI at 54.86 → Neutral, room for both upside and downside.
Price remains above the 50-day EMA, keeping the uptrend intact for now.
🚀 What’s Next?
Bulls need a decisive close above 6,129 to confirm a breakout.
A rejection here could trigger consolidation or a pullback toward the 50-day EMA.
Watching for either a breakout confirmation or a deeper retest of support levels.
-MW
S&P 500 hit 6,129 but failed to hold above it, retreating to 6,090 (-0.75%).
This level marks a key resistance zone, with sellers stepping in to cap gains.
🔍 Key Technical Levels:
Resistance:
6,129 → Previous high, acting as a short-term ceiling.
Support:
6,018 (50-day EMA) → First area bulls want to defend.
5,900 → Stronger structural support if momentum weakens.
📊 Momentum Check:
RSI at 54.86 → Neutral, room for both upside and downside.
Price remains above the 50-day EMA, keeping the uptrend intact for now.
🚀 What’s Next?
Bulls need a decisive close above 6,129 to confirm a breakout.
A rejection here could trigger consolidation or a pullback toward the 50-day EMA.
Watching for either a breakout confirmation or a deeper retest of support levels.
-MW
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.